The prime minister said black money dominated the real estate sector before the decision.

Prime Minister Narendra Modi on Wednesday claimed the prices of real estate had come down after demonetisation and made houses affordable for the youth. Modi said previous governments would need 25 years to do the work his government had done since 2014.

“I was asked what has been the benefit of note bank decision,” Modi said while addressing a gathering in Gujarat’s Surat district. “You should ask that to the youth, who could buy homes at affordable rates after the decision. Everyone is aware that before demonetisation, black money dominated the real estate sector.”

The prime minister said his government had checked black money with decisions such as the note ban and by passing the Real Estate (Regulation and Development) Act. He claimed that 1.3 crore houses were constructed during his rule, much more than the 25 lakh houses built under the previous Congress-led government.

Modi inaugurated several projects in Surat on Wednesday, including laying the foundation stone for the expansion of the Surat airport. He said the civil aviation ministry’s UDAN scheme has been adding more airports to the country’s aviation map and making travelling by air affordable.